SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 25, 1996
SUN BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
New Jersey 0-20957 52-1382541
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(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
226 Landis Avenue, Vineland, New Jersey 08360
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(609) 691-7700
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Not Applicable
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(Former name or former address, if changed since last Report)
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SUN BANCORP, INC.
INFORMATION TO BE INCLUDED IN REPORT
Item 5. Other Events
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On September 25, 1996, the Registrant announced that the Board of
Directors had declared a 5% stock dividend to all stockholders of record on
October 15, 1996, payable on October 30, 1996. No fractional shares will be
issued and in lieu thereof stockholders will receive cash based on the fair
market value as of the record date.
For further details, reference is made to the Press Release dated
September 25, 1996, which is attached hereto as Exhibit 99 and incorporated
herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information
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and Exhibits
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Exhibit 99 -- Press Release dated September 25, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SUN BANCORP, INC.
Date: September 30, 1996 By: /s/ Philip W. Koebig
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Philip W. Koebig
Executive Vice President
EXHIBIT 99
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[Sun Bancorp, Inc. Letterhead]
**** FOR IMMEDIATE RELEASE**** PAGE 1 of 2
FOR MORE INFORMATION, CONTACT: Robert F. Mack (609) 691-7700
SUN BANCORP, INC. ANNOUNCES STOCK DIVIDEND
Vineland, NJ.....................September 25, 1996
Bernard A. Brown, Chairman and Philip W. Koebig, III, Executive Vice President
of Sun Bancorp, Inc., the Vineland New Jersey parent holding company of Sun
National Bank, announced today that on October 30, 1996 sun will pay a 5% stock
dividend to shareholders of record as of October 15, 1996. Fractional shares
created as a result of the dividend will be paid in cash.
The dividend announcement was made almost one month from the date that Sun
Bancorp, Inc. common stock began trading on the Nasdaq SmallCap Stock Market
under the symbol SNBC.
- MORE -
P.O. Box 849 - 226 Landis Avenue - Vineland, New Jersey 08360
- (609) 691-7700
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[Sun Bancorp, Inc. Second Page Letterhead]
SUN BANCORP, INC. ANNOUNCES STOCK DIVIDEND
Page 2 of 2 September 25, 1996
"We are pleased to be able to announce this stock dividend," commented Brown.
"Since our formation in 1985, and throughout our recent growth, we have been
fortunate to have extremely loyal support from our shareholders," he added.
"Even with the intense competitive environment that surrounds the banking
industry in southern New Jersey, Sun has continued to grow at a quick pace."
remarked Koebig, who also serves as President and Chief Executive Officer of Sun
National Bank. "That growth has translated to added value to our shareholders."
Sun National Bank has eighteen financial service centers in Atlantic,
Burlington, Cape May, Cumberland, Mercer and Ocean counties, New Jersey,
servicing the retail and commercial markets.
Its deposits are insured by the F.D.I.C.
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